Creating a will and engaging in estate planning can provide you with financial independence and the power to determine how your assets are allocated.
Estate planning is not often a topic that people think of, until circumstances place the matter before them. The importance of having a will, and discussing death can be deeply uncomfortable for some, where the discussion often becomes a remote problem for the future. The general statistics estimate that within a range of 60% of Australians do not have a will.
The Importance of Having a Will
Every adult should have a will, especially as they begin to accumulate assets like a home or an inheritance. Major life events, such as marriage or the birth of children, are also key moments to consider making a will.
If someone dies without a will, their estate is distributed according to intestacy laws, which vary by state and territory. This generally means that Australians who die intestate:
- Have no control over how their estate is distributed or to whom
- Cannot choose guardians for their children or pets
- Are unable to leave specific gifts to family and friends
- Cannot make desired charitable donations
Not having a will also complicates and increases the cost of estate administration. Without a designated executor, family disputes may arise over who should manage the estate.
A will should be reviewed regularly to reflect changes in life circumstances. Events such as marriage, separation, divorce, having children, and buying or selling property can all impact a will, as can a change of mind about beneficiaries or administrators.
Challenges Women Face
If having a will is so crucial, why do many women not have one? A Canadian study found that women are less likely than men to have a will (46% versus 53%) and are almost twice as likely to cite costs as the main reason for not having one.
Women earning less than CA$50,000 annually often believe they do not have enough assets to justify a will (25%) and that legal fees are too high (23%). In contrast, only 12% of men cited cost as a barrier.
The Necessity of Estate Planning
A will is a vital component of estate planning, but it is not the only one. Estate planning ensures that individuals have sufficient funds for retirement.
Creating a will and engaging in estate planning can help protect financial independence and ensure that you decide where your wealth goes on death.
A will may also help you establish a family legacy that you may wish to pass on to loved ones, or perhaps to an important cause such as a charity of your choosing.
Our team at My Legal Crunch Lawyers can help you in handling wills and estate matters across Victoria, New South Wales, Queensland, and Western Australia.
We offer comprehensive services, including:
- Administering estates
- Probate
- Letters of administration
- Claiming on life insurance and superannuation matters
We understand the complexities involved in estate planning and administration, and we are here to provide you with the support and expertise you need. Contact us today to ensure your estate is managed according to your wishes and to provide peace of mind for you and your family.
